India Eyeing $200 Bn In Ecommerce Exports By 2030: Govt

SUMMARY

Barthwal said that the Centre has set its eyes on contributing 10% to the global ecommerce exports in the next five years

The Commerce Secretary also reiterated that the government is developing ecommerce export hubs to connect small and medium enterprise exporters to the “world”

This comes days after CBIC extended export-related benefits under RoDTEP, duty drawback and RoSCTL schemes to shipments made through courier mode

Commerce secretary Sunil Barthwal has reportedly said that the government is eyeing at least $200 Bn in ecommerce exports by 2030.

As per Moneycontrol, Barthwal said that the Centre has set its eyes on contributing 10% to the global ecommerce exports in the next five years.

“We want at least a 10% share in ecommerce exports. In the next five years, we should reach the $200 Bn mark as the World crosses $2 Tn in ecommerce exports,” Barthwal reportedly added.

He was also quoted as saying by Economic Times that the country is developing ecommerce export hubs (ECEH) to connect small and medium enterprise (SME) exporters to the “world”.

It is pertinent to note that India currently accounts for a mere $5 Bn out of the total $800 Bn global ecommerce exports, translating to just 0.6%. However, the Centre has ramped up focus and announced a slew of sops to increase this number to at least 10% by the end of decade.

Just days ago, the Central Board of Indirect Taxes and Customs (CBIC) extended export-related benefits under the remission of duties and taxes on exported products (RoDTEP), duty drawback and rebate of state and central levies and taxes (RoSCTL) schemes to shipments made through courier mode.

Prior to that, reports surfaced that the Ministry of Commerce was planning to pilot ECEH to facilitate small producers to sell their products to middlemen. Earlier this month, the Centre also launched a unified platform to enable Indian exporters to view trade opportunities available in other countries.

Just a day ago, Commerce Minister Piyush Goyal also launched the BHASKAR platform to bring all startups, investors and other parts of the homegrown startup ecosystem under one roof.

On the regulatory front, the government is said to be working on a full-fledged regulatory framework to boost ecommerce exports. Additionally, the Directorate General of Foreign Trade (DGFT) is reportedly working with the Reserve Bank of India (RBI) and ministries to formulate steps to promote ecommerce exports in the country.

Besides, Indian authorities have also signed pacts with various platforms to increase ecommerce exports out of India. Earlier this month, ecommerce major Amazon said that it plans to enable Indian sellers to export items worth $5 Bn in 2024.